FDJ: Oddo still not betting on it
(CercleFinance.com) - Oddo maintains its "neutral" rating on FDJ shares, with an unchanged price target of 37.
5 euros.
The broker refers to the exclusive negotiations for the acquisition of ZEturf, an online horse and sports betting group operating under the ZEbet brand and considered to be the 2nd largest online horse betting operator in France, behind PMU.
Although no terms have been announced, media reports have put the enterprise value at around 200 million euros. Given its very solid financial situation (cash flow at the end of 2022), analysts believe that the size of the target seems entirely absorbable without significantly modifying FDJ's financial structure.
The broker also says that FDJ's M&A strategy, namely a desire to grow in online sports betting and to diversify into online betting in the broadest sense (including horse betting and poker).
The acquisition of ZEturf makes a lot of strategic sense, positive for FDJ's growth and diversification in online betting, without being transformative at the group level, the broker concludes.
FDJ shares are currently up almost 2%, seemingly a good bet in a market that it down about 1%.
Copyright (c) 2022 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.
5 euros.
The broker refers to the exclusive negotiations for the acquisition of ZEturf, an online horse and sports betting group operating under the ZEbet brand and considered to be the 2nd largest online horse betting operator in France, behind PMU.
Although no terms have been announced, media reports have put the enterprise value at around 200 million euros. Given its very solid financial situation (cash flow at the end of 2022), analysts believe that the size of the target seems entirely absorbable without significantly modifying FDJ's financial structure.
The broker also says that FDJ's M&A strategy, namely a desire to grow in online sports betting and to diversify into online betting in the broadest sense (including horse betting and poker).
The acquisition of ZEturf makes a lot of strategic sense, positive for FDJ's growth and diversification in online betting, without being transformative at the group level, the broker concludes.
FDJ shares are currently up almost 2%, seemingly a good bet in a market that it down about 1%.
Copyright (c) 2022 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.